Monthly refined nickel production rose 6.6 percent in December to a record 21,753 tonnes. In 2010, the output surged 24 percent on the year to 214,086 tonnes. Antaike has expected 2011 nickel output, including refined, ferronickel and nickel-pig-iron, to rise by above 8 percent. Nickel has touched a low of Rs 1194.4 a kg after opening at Rs.1195.9, and last traded at Rs 1196.6.For today market is looking for the support at 1194.7, a break below could see a test of 1192.8 and where as resistance is now likely to be seen at 1198.2, a move above could see prices testing 1199.8.

Trading Ideas:

Nickel trading range is 1192.8-1199.8.

In 2010, China's nickel output surged 24 percent on the year to 214,086 tonnes.

Nickel looks to take support at 1186 and resistance is at 1202 level

Spread between nickel JAN & FEB contracts yesterday traded in the range of 4.60 - 8.1.

BUY NICKEL JAN @ 1190-1195 SL 1178 TGT 1202-1208-1215.MCX